There's a new biggest bull on Wall Street

RBC Capital Markets chief equity strategist Jonathan Golub is
doubling down on his bullishness, raising his 2017 year-end
S&P 500 price target to 2,600, putting him in a tie for most
optimistic analyst on Wall Street. The forecast would
require a 6.9% increase from Friday's closing price.

The firm remains constructive on stocks given a "recent
pickup in global activity, stronger EPS, and reasonable
valuations," Golub wrote in a client note on Monday.

His 2017 call is a combination of two possible scenarios for US
equities:

Modest growth (+5%) — GDP grows in line
with its post-recessionary average and inflation stays in
check, while the Fed is kept at bay, resulting in a more
elongated business cycle

While it may seem surprising that Golub would raise his equity
forecast in the wake of Friday's
1.8% decline in the tech-heavy Nasdaq Composite Index, it's
important to note that the broader S&P 500 was down less than
0.1%. Golub remains bullish on tech, especially if the "modest
growth" scenario outlined above materializes.

Meanwhile, Goldman Sachs is not so hopeful on the prospects of
higher stock prices. The market has been lifted by a "perfect
scenario" of "fairy tale" conditions that aren't likely to
persist, chief US equity strategist David Kostin wrote in a
client note on Friday.